Motors, Mobiles and a Tight MSCI Window

Today is packed. GRAB reports earnings on Nasdaq, with a market cap of $11.7B. ADTN also posts results today. Deutsche Lufthansa releases numbers too, alongside Norwegian salmon farmer SalMar.

The auto sector dominates the mid-week calendar. HMC (Honda) reports Thursday. ORTEX alt data shows Japanese car registrations running 10% below the same quarter last year, a leading indicator for Honda revenue. RACE (Ferrari) reports today. Austrian car data, which leads Ferrari revenue by 22 days, is tracking 75% below year-ago levels, though the fit is described as weak.

PSNY (Polestar) reports Wednesday. Mixed signals here: Dutch car registrations are down 68% year-on-year, but German registrations are up 32%, both strong-fit leading indicators for Polestar revenue. RNO (Renault) also reports Wednesday.

No IPOs are scheduled in the next seven days.

Index watchers have one eye on the MSCI November review, announced 11 November. Flutter Entertainment sits 11.5% below its exit line. Xero is just 2.3% above its deletion threshold, with a 45% probability of removal and $504M of forced selling if it falls through. Moderna looks set to re-enter, with ORTEX forecasting an 88% addition probability and $5.9B of potential forced buying.